Shares of Coinbase Global (NASDAQ: COIN) plunged 26% on Wednesday after the digital asset trading platform reported an unexpected loss in the first quarter. 

Coinbase generated net revenue of nearly $1.2 billion. That represented a decline of 27% year over year and 53% sequentially. It was also significantly below Wall Street's estimates, which had called for revenue of almost $1.5 billion. 

The brutal downturn in the cryptocurrency market in recent months has weighed heavily on Coinbase's business. The exchange operator's monthly transacting users declined by 19% compared to the fourth quarter. Its trading volume, in turn, fell 44% to $309 billion.

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Source Fool.com